Fuel prices in Ghana could fall by up to 1 cedi per litre in the coming days, according to sources in the Finance and Energy ministries.
The anticipated decline comes after President John Dramani Mahama ordered a review of petroleum product taxes and levies due to growing petrol prices.
Due to rising global crude oil prices and a declining local currency, which has boosted the cost of imports, fuel costs have skyrocketed in recent weeks.
Diesel is selling for about 17 cedis per litre, while the price of petrol has increased from roughly 10 to over 13 cedis.
The government is currently thinking about ways to relieve the burden, such as suspending some of the levies and taxes that are part of the petroleum price system.
A number of civil society organisations have also demanded more drastic reductions, suggesting that the current price build-up be reduced by 1 cedi 65 pesewas.
They claim that the action would help businesses and individuals and could be funded by higher profits from the production and export of crude oil.
According to sources, an official announcement regarding the measures is anticipated as early as April 15. Although the particular taxes that will be impacted are yet unknown, consumers are expected to witness a reduction of up to 1 cedi per litre.
Discussions about how to protect consumers while controlling the impact on public finances are still ongoing, and the government has not yet formally confirmed the adjustments.
Source: newsthemegh.com